Apple Pledges $1 Billion Boost to US Manufacturing

Published May 3, 2017 at 7:18 PM | Updated at 7:28 PM EDT on May 3, 2017

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FILE - Apple CEO Tim Cook speaks during an Apple special event at the Apple headquarters on March 21, 2016, in Cupertino, California.

Apple plans to start a $1 billion fund to create more advanced manufacturing jobs in the United States, company CEO Tim Cook told “Mad Money” host Jim Cramer on Wednesday.

As CNBC reports, the fund fits into Apple’s efforts to promote and create jobs within its own sector and within its own company. The fund's creation also comes amid President Donald Trump’s ongoing promises to bring lost manufacturing jobs back to the U.S.

Cook said he hopes the investment will spur even more job creation.

"By doing that, we can be the ripple in the pond. Because if we can create many manufacturing jobs around, those manufacturing jobs create more jobs around them because you have a service industry that builds up around them," he said.

Ron Powers, a mechanical engineer at Apple, turned a used van into a mobile laundromat and made it available for free to the homeless of Santa Cruz, California. He said he spent many years focused on studying his faith and now spends his nights and weekends living it. "I wanted to restore dignity to people. I wanted to improve health," Powers said of his "Loads of Love" program.